Just Group’s annual State Benefits survey has revealed that pensioners are missing out on an average of £1,807 each year
Thousands of homeowners are missing out on cash they’re entitled to, with many state pensioners overlooking crucial payments amidst the Cost of Living crisis—averaging a loss of £1,807 annually by not claiming their rightful benefits. Close to one in 10 pensioners who do claim are being shortchanged, missing out on an additional average of £2,915 each year according to one study.
Stephen Lowe, group communications director at Just Group, said: “Despite the focus on benefit as a result of the UK Government’s decision to axe Winter Fuel Payments to millions, our survey once again shows the scandalous scale of the under-claiming problem.
“Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claim remains very high while the amounts unclaimed are larger than for more than a decade. This is real cash that should be helping low-income pensioners deal with the cost-of-living crisis.”
Lowe also pinpointed issues with Pension Credit, the key state support for older people. He said that, although approximately one in 10 pensioners are eligible, about 90 per cent don’t claim it.
He elaborated on the importance of checking state benefit entitlement by stating: “The survey is based on findings from specialist equity release advisers from our sister company HUB Financial Solutions who thoroughly check State Benefit entitlement.
“This ensures clients receive any income that could remove or reduce the need for them to release any funds from their property”.
He also pointed out an underutilization of benefits, saying: “Our take-up figures for homeowners are a little lower than the overall rates published by the government, suggesting some people may think owning a home rules them out of receiving State support.”, reports Leicestershire Live.
Emphasizing the need for better awareness, he added: “These findings once again raise questions about the support and guidance available to people heading into retirement and beyond. Pension Credit is not automatically paid but must be claimed – we would urge those who don’t know about it or assume they are not eligible to check if they are entitled. It could unlock thousands of pounds of income each year.”
